Procore Technologies (NYSE:PCOR) Earns Outperform Rating from Analysts at Robert W. Baird

by · The Markets Daily

Robert W. Baird started coverage on shares of Procore Technologies (NYSE:PCOR – Free Report) in a research note issued to investors on Tuesday, Marketbeat Ratings reports. The firm issued an outperform rating and a $73.00 price target on the stock.

A number of other equities research analysts also recently commented on the stock. Barclays downgraded shares of Procore Technologies from an overweight rating to an equal weight rating and dropped their price objective for the company from $78.00 to $54.00 in a research report on Friday, August 2nd. BMO Capital Markets dropped their price objective on shares of Procore Technologies from $85.00 to $71.00 and set an outperform rating on the stock in a research report on Friday, August 2nd. Macquarie reissued a neutral rating and issued a $70.00 price objective on shares of Procore Technologies in a research report on Tuesday, July 30th. The Goldman Sachs Group dropped their price objective on shares of Procore Technologies from $85.00 to $73.00 and set a buy rating on the stock in a research report on Friday, August 2nd. Finally, KeyCorp dropped their target price on shares of Procore Technologies from $79.00 to $68.00 and set an overweight rating on the stock in a research report on Friday, August 2nd. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Procore Technologies has an average rating of Moderate Buy and an average price target of $69.50.

View Our Latest Research Report on PCOR

Procore Technologies Price Performance

Procore Technologies stock opened at $61.63 on Tuesday. The firm has a market cap of $9.10 billion, a PE ratio of -64.20 and a beta of 0.73. Procore Technologies has a 52-week low of $48.11 and a 52-week high of $83.35. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.03. The company’s 50 day moving average is $59.75 and its two-hundred day moving average is $66.97.

Procore Technologies (NYSE:PCOR – Get Free Report) last released its earnings results on Thursday, August 1st. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.14. Procore Technologies had a negative net margin of 8.54% and a negative return on equity of 4.13%. The company had revenue of $284.30 million for the quarter, compared to analyst estimates of $275.26 million. During the same period in the prior year, the business earned ($0.28) EPS. The firm’s quarterly revenue was up 24.4% on a year-over-year basis. On average, research analysts expect that Procore Technologies will post -0.28 EPS for the current fiscal year.

Insider Transactions at Procore Technologies

In other news, insider Benjamin C. Singer sold 2,000 shares of Procore Technologies stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $66.13, for a total transaction of $132,260.00. Following the completion of the sale, the insider now directly owns 108,705 shares in the company, valued at $7,188,661.65. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Connor Kevin J. O sold 5,128 shares of Procore Technologies stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $58.48, for a total transaction of $299,885.44. Following the completion of the sale, the director now directly owns 1,360,848 shares in the company, valued at $79,582,391.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Benjamin C. Singer sold 2,000 shares of Procore Technologies stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $66.13, for a total transaction of $132,260.00. Following the sale, the insider now owns 108,705 shares of the company’s stock, valued at $7,188,661.65. The disclosure for this sale can be found here. Insiders sold a total of 169,890 shares of company stock worth $10,540,071 over the last ninety days. 29.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

Institutional investors have recently bought and sold shares of the stock. Signaturefd LLC grew its holdings in Procore Technologies by 52.0% in the second quarter. Signaturefd LLC now owns 631 shares of the company’s stock valued at $42,000 after purchasing an additional 216 shares during the period. Rothschild Investment LLC purchased a new stake in Procore Technologies in the second quarter valued at approximately $51,000. Quarry LP grew its holdings in Procore Technologies by 984.6% in the second quarter. Quarry LP now owns 1,128 shares of the company’s stock valued at $75,000 after purchasing an additional 1,024 shares during the period. Advisors Asset Management Inc. grew its holdings in Procore Technologies by 26.2% in the first quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock valued at $103,000 after purchasing an additional 260 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S grew its holdings in Procore Technologies by 30.7% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock valued at $104,000 after purchasing an additional 297 shares during the period. 81.10% of the stock is currently owned by hedge funds and other institutional investors.

Procore Technologies Company Profile

(Get Free Report)

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company's platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects.

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